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Turtle Creek Asset Management Q2 2019 Commentary

Turtle Creek Asset Management, a Canada-based investment management firm, released its Q2 2019 Commentary – a copy of which can be downloaded below. The firm, which is currently led by CEO and co-founder Andrew Brenton, specializes in working with high-net-worth companies and individuals and boasts a solid 20-year track record. Brenton is the former CEO of The Bank of Nova Scotia’s private equity subsidiary and was the head of Scotia Capital’s high technology investment banking department. He holds a bachelor’s degree from Mount Allison University and a master’s degree from the Richard Ivey School of Business.

In their recent commentary, it was reported that Turtle Creek Equity Fund’s net asset value increased 3.8% during the second quarter, which compares with a 2.6% increase for the S&P/TSX Composite Index and a 0.9% increase for the S&P MidCap 400. The fund ended the quarter with 28 holdings, consisting of 50% Canadian companies and 50% American companies.

The net asset value of the Turtle Creek Equity Fund increased 3.8% in the second quarter of 2019. This compares with an increase of 2.6% for the S&P/TSX Composite index and an increase of 0.9% for the S&P MidCap 400. During the quarter, we added one company and removed one to end with 28 holdings – 14 Canadian companies comprising roughly 53% of the portfolio and 14 American companies comprising the balance.

Turtle Creek United States Equity Fund increased 2.2% in U.S. dollars during the quarter compared to a 3.0% increase in U.S. dollars for the S&P MidCap 400 index. During the quarter, we made no additions or removals to maintain the number of holdings at 25.

Turtle Creek Canadian Equity Fund increased 8.3% during the quarter compared with an increase of 2.6% for the S&P/TSX Composite index. During the quarter, we made no additions or removals to maintain the number of holdings at 25.

In this commentary, we reflect on the (mis)use of share price volatility as being the same thing as risk. We also discuss a metric called Upside/Downside Capture that provides an interesting way to think about investment manager performance during both strong and weak markets.

You can download a copy of Turtle Creek Asset Management’s Q2 2019 Commentary here:

Turtle Creek Asset Management’s Q2 2019 Commentary

You can also see the list of our 2019 Q2 investor letters and download them on this page.

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